NVA Holdings Inc.'s Proposed $937 Million Senior Secured Term Loan Rated 'B' (Recovery Rating: '3') - S&P Global Ratings’ Credit Research

NVA Holdings Inc.'s Proposed $937 Million Senior Secured Term Loan Rated 'B' (Recovery Rating: '3')

NVA Holdings Inc.'s Proposed $937 Million Senior Secured Term Loan Rated 'B' (Recovery Rating: '3') - S&P Global Ratings’ Credit Research
NVA Holdings Inc.'s Proposed $937 Million Senior Secured Term Loan Rated 'B' (Recovery Rating: '3')
Published Jan 22, 2018
4 pages (1450 words) — Published Jan 22, 2018
Price US$ 150.00  |  Buy this Report Now

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Abstract:

TORONTO (S&P Global Ratings) Jan. 22, 2018--S&P Global Ratings today assigned its 'B' issue-level rating and '3' recovery rating to NVA Holdings Inc.'s proposed $937 million senior secured first-lien term loan. The proposed term loan matures in 2025 and the company will use proceeds to refinance the existing first-lien term loan, which matures in 2021. Our 'B' issue-level rating and '3' recovery rating on the senior secured debt indicates our expectations for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of payment default. Our rating on the second-lien debt remains 'CCC+', with a '6' recovery rating. The '6' recovery rating indicates our expectation for negligible (0%-10%; rounded estimate: 0%) recovery of principal in the event of a payment default.

  
Brief Excerpt:

...TORONTO (S&P Global Ratings) Jan. 22, 2018--S&P Global Ratings today assigned its 'B' issue-level rating and '3' recovery rating to NVA Holdings Inc.'s proposed $937 million senior secured first-lien term loan. The proposed term loan matures in 2025 and the company will use proceeds to refinance the existing first-lien term loan, which matures in 2021. Our 'B' issue-level rating and '3' recovery rating on the senior secured debt indicates our expectations for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of payment default. Our rating on the second-lien debt remains '###+', with a '6' recovery rating. The '6' recovery rating indicates our expectation for negligible (0%-10%; rounded estimate: 0%) recovery of principal in the event of a payment default. Our corporate credit rating on NVA remains 'B' with a stable outlook, reflecting the company's leading position but narrow operating focus in the highly fragmented veterinary practices market. The rating also reflects our...

  
Report Type:

Ratings Action

Ticker
1041644D@LN
Issuer
NVA Holdings, Inc.
Sector
Global Issuers
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "NVA Holdings Inc.'s Proposed $937 Million Senior Secured Term Loan Rated 'B' (Recovery Rating: '3')" Jan 22, 2018. Alacra Store. May 13, 2025. <http://www.alacrastore.com/s-and-p-credit-research/NVA-Holdings-Inc-s-Proposed-937-Million-Senior-Secured-Term-Loan-Rated-B-Recovery-Rating-3-1983714>
  
APA:
S&P Global Ratings’ Credit Research. (). NVA Holdings Inc.'s Proposed $937 Million Senior Secured Term Loan Rated 'B' (Recovery Rating: '3') Jan 22, 2018. New York, NY: Alacra Store. Retrieved May 13, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/NVA-Holdings-Inc-s-Proposed-937-Million-Senior-Secured-Term-Loan-Rated-B-Recovery-Rating-3-1983714>
  
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